Question : A sum of money invested at compound interest amounts to Rs. 800 in 3 years and to Rs. 840 in 4 years. The rate of interest per annum is:
Option 1:
Option 2:
Option 3:
Option 4:
Correct Answer:
Solution :
Given:
A sum of money invested at compound interest amounts to Rs. 800 in 3 years and to Rs. 840 in 4 years.
So, Simple interest for 1 year = 840 − 800 = Rs.40
Simple interest =
Rate =
Hence, the correct answer is
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